Putnam Replaced as Manager
Of California Teachers' Portfolio

By

Charles Forelle Staff Reporter of The Wall Street Journal

Updated Dec. 4, 2003 6:20 p.m. ET

The California State Teachers' Retirement System said Thursday it had replaced Putnam Investments as manager of a $312 million large-cap equity portfolio. The pension fund said it "distributed" those assets to other companies already managing its money.

A spokeswoman said the pension fund's staff had met with Putnam to try to allay some concerns, but the fund's chief investment officer "felt that there were other managers that didn't have these burdens and distractions." The fund said that alleged...